The CSL Ltd (ASX: CSL) share price is heading south today, with the biotech giant continuing a difficult run.
At the time of writing, the CSL share price is down 1.91% to $135.37, after falling as low as $133.35 earlier in the session. That marks a new multi-year low, with the stock last trading at these levels back in September 2017.
The decline means CSL shares are now down around 22% in 2026. This raises the question of whether this is a buying opportunity or if the share price has further to fall.
Let's take a closer look.
Image source: Getty Images
A prolonged downtrend continues
CSL's share price has been trending lower for some time, and recent trading suggests momentum remains weak.
Over the past year, the stock has consistently made lower highs and lower lows. The latest move to multi-year lows reinforces that trend, with no clear signs of a reversal.
From a technical perspective, indicators remain soft. The relative strength index (RSI) has been hovering in the low range, pointing to weak buying pressure rather than strong accumulation.
At the same time, the share price is trading well below key moving averages, which tells us sellers are still in control.
The next key level to watch is around the $130 mark, which may act as near-term support. On the upside, previous support near $150 could now act as resistance if the stock attempts to recover.
What is driving the weakness?
CSL has faced slower-than-expected growth in parts of its business, particularly its vaccine division. Reduced vaccination demand and changes in global health trends have weighed on sentiment.
There have also been concerns around margins, with rising costs and pricing pressures affecting earnings expectations.
At the same time, broader market conditions have not helped. Healthcare stocks have lagged in 2026, while investors have shifted towards sectors such as resources and energy.
This rotation has left CSL out of favour with investors, despite its strong long-term track record.
Is this a buying opportunity?
Despite the recent weakness, CSL remains one of Australia's largest and most established healthcare companies.
The business has a global footprint, strong positions in plasma therapies and vaccines, and a long track record of growth.
After the recent pullback, valuation is starting to come into focus. Some investors may see value at these levels, especially given CSL's history.
However, the trend is still pointing lower. Until earnings stabilise and sentiment improves, the share price could remain under pressure.
Foolish Takeaway
CSL shares have fallen to levels not seen in almost a decade, highlighting how much sentiment has changed.
The sell-off has made the stock look cheaper, but the trend is still pointing lower.
That means the next move will likely depend on whether CSL can rebuild confidence in its growth outlook over the coming months.
